Insider Trading

Timothy A. Clary/Agence France-Presse

News about Insider Trading, including commentary and archival articles published in The New York Times.

Chronology of Coverage

Jul. 31, 2015

Solicitor Gen Donald B Verrilli Jr petitions Supreme Court to review appellate court ruling that overturned insider trading convictions against hedge fund managers Anthony Chiasson and Todd Newman; move comes at behest of Unites States Atty Preet Bharara, who oversaw cases, and who argued that rulings will make it more difficult for federal prosecutors to pursue similar cases. MORE

Apr. 29, 2015

British regulators extend prison sentence of convicted insider trader Pardip Saini, citing his failure to repay money obtained as a result of the trading; Saini was one of six sentenced in 2012 for using information obtained by former UBS employee. MORE

Apr. 17, 2015

David Makol, FBI agent who made name for himself investigating insider trading, returns to the Securities and Exchange Commission as a forensic accountant in its market-abuse unit. MORE

Apr. 4, 2015

Appeals court denies federal prosecutor Preet Bharara's request to revisit December 2014 ruling that narrowed definition of insider trading; ruling led to overturning convictions of hedge fund traders Anthony Chiasson and Todd Newman and threatens other convictions and pleas secured by Bharara's office; only recourse Bharara can pursue is urging Congress to define insider trading, as there is no such federal law on books. MORE

Mar. 19, 2015

France's Constitutional Council blocks insider trading trial involving seven current and former executives of Airbus Group and two of company's former shareholders, citing fact defendants were cleared by stock market regulators; case involved selling of shares in company when it was European Aeronautic Defense and Space, in 2006; decision will compel criminal court to dismiss case against executives as well as against Daimler and Lagardere. MORE

Mar. 1, 2015

Anita Raghavan profile of Roomy Khan, who was cooperating witness for FBI insider-trading investigation that led to conviction of Galleon Group founder Raj Rajaratnam; Khan spent year in prison for her own insider-trading, and now finds herself out of work and ostracized. MORE

Feb. 27, 2015

Level Global founder David Ganek sues federal prosecutor Preet Bharara, saying government fabricated insider trading charges that led to 2010 raid on the hedge fund; suit comes as Bharara's reputation as an invincible prosecutor has begun to fray; two of Bharara's previous Wall Street convictions have been overturned, and questions have been raised about confidential warrant and other aggressive tactics that may have crossed line. MORE

Dec. 24, 2014

Editorial urges Justice Dept to request that all judges on federal appeals court for Second Circuit review court's decision overturning insider trading convictions of hedge fund managers Todd Newman and Anthony Chiasson; warns that ruling, as it stands now, allows greater leeway for trading on inside information and makes it more difficult to prosecute insider trading. MORE

Dec. 20, 2014

James B Stewart Common Sense column contends that dismissal of insider trading convictions of Anthony Chiasson and Todd Newman underscores need for clear-cut law about insider trading; notes that due to lack of such a law, insider trading cases are pursued under anti-fraud statutes, which complicates proceedings. MORE

Dec. 13, 2014

Joe Nocera Op-Ed column holds that overturned convictions of hedge fund executives Anthony Chiasson and Todd Newman point to differing definitions of insider trading held by court and by prosecutor, Preet Bharara; says Bharara lacked evidence to convict them based on court definition of illegal trading; compares case to Rudolph Giuliani's 1991 conviction of John Mulheren on charges of stock manipulation charges, which was later overturned. MORE

Dec. 10, 2014

It took only the government’s suspicions of insider trading for investors to lose confidence in the hedge funds where Todd Newman and Anthony Chiasson worked. MORE

Dec. 10, 2014

The ruling in the case against two former hedge fund traders, Todd Newman and Anthony Chiasson, is a blow to prosecutors’ campaign to crack down on insider trading. MORE

Nov. 15, 2014

Federal regulators are investigating whether a 2012 email by broker-dealer Height Securities predicting that Medicare was about to raise some reimbursement rates, which led to stock price jumps among health insurers, was based on insider information. MORE

Nov. 12, 2014

Mathew Martoma, a portfolio manager for Steven A. Cohen’s former hedge fund, is now waiting for a judge to set a new date for him to start a nine-year prison term. MORE

Oct. 5, 2014

Gretchen Morgenson Fair Game column examines issues of market fairness raised by study on Securities and Exchange Commission comment letters, which alert companies to potential investigations into their finances; notes that study found a high incidence of executives dumping shares before other investors knew that the SEC was poking around; argues that while it is technically legal, practice amounts to insider trading and should be eliminated. MORE

Sep. 30, 2014

In an apparent first for the S.E.C., the agency built the case on the premise that a hedge fund’s private investment playbook amounted to inside information. MORE

Aug. 4, 2014

A lawsuit by Allergan says the arrangement by Valeant Pharmaceuticals and William A. Ackman amounts to insider trading, and the judge’s decision will rest upon a set of arcane financial rules. MORE

Jul. 29, 2014

The billionaire investor’s revamped firm, Point72 Asset Management, generated a profit of nearly $1 billion for the first half of this year. MORE

Jul. 19, 2014

James B Stewart Common Sense column; acquittal of Rengan Rajaratnam, younger brother of convicted hedge fund operator Raj Rajaratnam, on one count of conspiracy to commit securities fraud, raises questions about evidence that was not shown to jury and how that impacted decision. MORE

Jul. 9, 2014

Daniel M. Gitner, who stopped a United States attorney’s perfect record in prosecuting insider trading cases, overcame public anger with Wall Street to win a not-guilty verdict for Rengan Rajaratnam. MORE

Jul. 8, 2014

The younger brother of the convicted inside trader Raj Rajaratnam was found not guilty at his own trial, a rare loss for federal prosecutors. MORE

Jul. 2, 2014

Judge Naomi Reice Buchwald of Federal District Court dismisses two securities fraud counts against Rengan Rajaratnam, younger brother of Galleon Group founder Raj Rajaratnam, in surprise development in insider trading case; Rengan Rajaratnam still faces criminal count of conspiracy. MORE

Jun. 30, 2014

Editorial holds House of Representatives' attempt to block Securities and Exchange Commission investigation into reported insider trading poses important test of government's ability to enforce Stop Trading on Congressional Knowledge Act passed in 2012; contends investigation must be pursued if Stock Act is to be credible tool against corruption; urges federal judge to stand by commission and House to embrace law if it wishes to avoid accusations of hypocrisy. MORE

Jun. 20, 2014

Securities and Exchange Commission and Justice Department subpoena Rep David Camp, Republican of Michigan and chairman of the House Ways and Means Committee, as part of insider trading investigation into Height Securities; research company correctly predicted change in government health care policy in 2013, prompting a surge in stock prices of health insurance companies. MORE

Jun. 16, 2014

Two professors have evidence of what has long been suspected: Insider trading is common, arising from perhaps a quarter of all public company deals. MORE

Jun. 11, 2014

Mr. Mickelson, the famed golfer, is still under investigation over trades in Dean Foods in 2012 just before the company’s stock soared. MORE

Jun. 7, 2014

James B Stewart Common Sense column; investigation into insider trading case involving Phil Mickelson, William T Walters and Carl C Icahn raises questions of why rich and famous put their fortunes and reputations at risk with such trading activity; answer, in part, may lie with level of risk, and thrill of gambling. MORE

Jun. 1, 2014

The billionaire investor Carl C. Icahn has a record as an activist investor that rivals call enviable, but it could be scorched by a spotlight turned harsh. MORE

Jun. 1, 2014

Bubba Watson takes the lead into the final round of the Memorial Tournament, where he has never finished in the top 20; Phil Mickelson is likely to be the focus of the 114th United States Open, more than usual, because of federal investigation into insider trading. MORE

May. 31, 2014

Nearly three years after stock trades flashed some telltale signs of possible insider trading, a case has yet to materialize. MORE

May. 30, 2014

Federal authorities are examining a series of well-timed trades belonging to the golfer Phil Mickelson and the gambler William T. Walters. MORE

Apr. 25, 2014

Floyd Norris High & Low Finance column warns that a United States appeals court seems poised to change the rules governing insider trading in a way that will make it far easier for professional traders to escape liability; examines case, which could reverse insider trading convictions of Todd Newman of Diamondback Capital Management and Anthony Chiasson of Level Global Investors. MORE

Apr. 22, 2014

A panel signaled it might overturn the convictions of two former traders, which would represent a crack in a campaign by Preet Bharara, the U.S. attorney in Manhattan, against insider trading at hedge funds. MORE

Apr. 19, 2014

Rengan Rajaratnam, younger brother of imprisoned hedge fund manager and Galleon Group founder Raj Rajaratnam, loses bid to dismiss some of insider trading charges he is facing. MORE

Apr. 15, 2014

A compliance supervisor is hired ensure that a company accused of wrongdoing does not break the law again, but the concept is problematic. MORE

Apr. 8, 2014

The son of an executive at Bart M. Schwartz’s nationwide compliance consulting firm is a portfolio manager at the firm. MORE

Apr. 1, 2014

Steven A. Cohen is asking employees who remain with his family office to sign two-year contracts. MORE

Mar. 13, 2014

Ronald N. Dennis, who agreed to be banned from the securities industry and to pay $200,000, received confidential tips about Dell and Foundry Networks that “prompted illegal trades.” MORE

Feb. 6, 2014

Mathew Martoma seemed to be able to cut a deal with prosecutors, but his handling of a years-old episode involving fabrication of documents casts doubt on his trustworthiness, James B. Stewart writes in the Common Sense column. MORE

Feb. 6, 2014

A federal jury has convicted Mathew Martoma on insider trading charges in what may be the last criminal case to emerge from a decade-long investigation of Steven A. Cohen and his hedge fund, SAC Capital Advisors. MORE

Feb. 3, 2014

The jury is expected to start deliberating on Tuesday in the trial of the former portfolio manager accused of using insider information to make trades. MORE

Feb. 2, 2014

Steven A. Cohen’s 22-year-old hedge fund is completing plans to change its name and its corporate structure by mid-March, according to people briefed on the matter. MORE

Jan. 28, 2014

Testimony by the chief counsel at SAC could allow prosecutors to scrutinize compliance at the multibillion-dollar hedge fund founded by Steven A. Cohen. MORE

Jan. 14, 2014

Dr. Joel S. Ross said he shared confidential information with Mathew Martoma on more than one occasion. MORE

Jan. 6, 2014

Mathew Martoma has resisted aiding a long-running federal investigation of SAC Capital Advisors and its founder, Steven A. Cohen. MORE

Dec. 23, 2013

Sources briefed on the insider trading investigation into Steven A. Cohen, the head of SAC Capital, say that a call in 2009 raised his suspicions. MORE

Dec. 19, 2013

The jury reached its verdict of guilty in Michael S. Steinberg’s insider trading case soon after one juror convinced a holdout by having her walk through a doorway. MORE

Dec. 18, 2013

Some expect departures from SAC Capital, which has pleaded guilty to federal charges, to quicken after the firm fully pays out year-end bonuses. MORE

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